Spero Therapeutics reports Q2 EPS (69c), consensus (78c)
As of June 30, 2018, the Company's cash, cash equivalents and marketable securities totaled $66.6 million. In early July, Spero completed a follow-on offering in which it issued 3,780,000 shares of common stock at a price of $12.50 per share, and 2,220 shares of Series A Convertible Preferred Stock at a price of $12,500 per share, for net proceeds before expenses of $70.5 million after deducting underwriting discounts and commissions. Spero believes that its existing cash, cash equivalents and marketable securities, together with the proceeds from the follow-on offering and initial committed funding of $15.7 million under the BARDA award, will fund operations into the second half of 2020, including through top-line data readout of the planned pivotal Phase 3 clinical trial of SPR994. A portion of the funding from our BARDA award is scheduled to support the development of SPR994 beyond 2020, provided we achieve the specified milestones and BARDA exercises all of its options under the agreement.